Russia's economy is expected to avoid a contraction in the second quarter of 2026, despite headwinds from the fuel market, according to the Bank of Russia.
Deputy Governor Alexey Zabotkin stated that while the energy sector's situation will impact gross domestic product figures, the central bank does not anticipate negative growth for the period.
Deputy Prime Minister Alexander Novak previously noted that the fuel and energy sector's contribution to GDP has declined to 13%, down from a historical range of 18% to 20%.
The comments offer a counterpoint to earlier government data indicating a structural shift in the Russian economy.
Deputy Prime Minister Alexander Novak previously noted that the fuel and energy sector's contribution to GDP has declined to 13%, down from a historical range of 18% to 20%.
Zabotkin's assessment suggests that other sectors are compensating for the drag from energy, maintaining overall positive momentum.
Investors and analysts will look to the Bank of Russia's Board of Directors meeting on July 24 for a more detailed outlook.